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. as ronald reagan had on his desk, you can get a lot done in that town, if you don't care who gets credit for it. >> so time is healing all wounds. >> absolutely. >> i don't care who gets credit for it. i agree with rick -- >> i understand. >> you need time, time is the key, in any kind of balance sheet recession, delevering doesn't have in six months. >> can i make a comment -- >> hang on. hear what mr. legend says here. go ahead, peter. >> all right, this whole wealth effect thing is very laughable. yes, there's a wealth effect. the federal reserve was looking for that in order to goose the economy. so what did we end up with? we ended up with a fabulous wealth effect in new york city, go there and try to buy a condominium, and san francisco, the financial center, go and try to buy a condominium. where's the wealth effect in the rest of america? it just has not worked. >> is there a world outside of new york? come on! >> energy-rich states aren't experiencing a wealth effect? florida's not experiencing a wealth effect? >> of course they are. >> no, they are experiencing a wealth effect.
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